In today's free market economies the earlier approach of 'Let the buyer beware' has now been changed to 'let the seller beware.'
Identify the term that means 'Let the seller beware'.
Answer & explanation
Correct answer: option 1
The correct answer is Option 1 - Caveat venditor.
Caveat venditor means 'Let the seller beware'.
The market forces have changed from a seller market i.e., the earlier approach of caveat emptor which means Let the buyer beware, to a consumer market i.e., caveat venditor which implies Let the seller beware. A consumer is said to be a KING in the free market economy. Hence, consumer protection has significance for both consumers and business alike. Under the Consumer Protection Act 2019, the Government of India has conferred a legal protection to safeguard interests of a consumer.